Vick goes further in the red.
May 8th, 2008Oh, how the mighty have fallen.
In addition to serving some much deserved jail time, Michael Vick now owes the Royal Bank of Canada more money.
The order Wednesday from U.S. Magistrate F. Bradford Stillman requires Vick to pay $2.4 million, plus $499 in interest per day, starting Sept. 19, 2007, and the bank’s attorneys’ fees and costs of $11,950 plus interest.
Source: ESPN
Since I haven’t had the need to calculate interest on a 2.4 million dollar loan, $499 a day in interest seems astronomical. Vick has 17 months remaining on his sentence; during this time, he’ll accumulate $228,990 in additional interest. A fiscally responsible Vick would use his prisoner salary (~$5 / day) to make payments towards the principal.
Will this happen? Probably not.
As my mother says, ‘what goes around, comes around.’
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